Mumbai: Private life insurer Reliance Nippon Life Insurance Company Ltd on Friday said it closed the first quarter with eight per cent growth in its premium income.

In a statement issued here the company said it has earned a total premium (net of reinsurance premium) of Rs 700 crore for the quarter ended June 30.

The company – a subsidiary of Reliance Capital Ltd – has improved its persistency by six per cent to 66 per cent.

The assets under management stood at Rs 17,400 crore, logging a year-on-year (YoY) growth of 10 per cent.

“We are on a strong revival journey and, are moving steadily towards growth across all business lines backed by a robust strategy and strong execution capabilities,” Ashish Vohra, ED and CEO, Reliance Nippon Life was quoted as saying in the statement.

“Our focus for the year will be to continue this drive towards building a profitable and sustainable growth story,” Vohra said.